Walmart’s banking app, OnePay, is reportedly gearing up to introduce Bitcoin and Ether trading and custody services by the end of this year. This move comes as part of a broader strategy to transform OnePay into a WeChat-style superapp for the U.S. market, offering a wide array of financial services under one digital roof.
A New Era for OnePay
In recent years, OnePay has steadily expanded its offerings, but the addition of cryptocurrency trading marks a significant leap forward. The app already boasts a plethora of banking services such as savings accounts, payment processing, and personal finance management tools. By incorporating Bitcoin and Ether trading, OnePay aims to capture the growing interest in digital currencies among U.S. consumers.
Cryptocurrency trading has been gaining traction worldwide, with Bitcoin and Ether leading the charge as the most traded digital assets. OnePay’s decision to include these two heavyweights reflects their mainstream appeal and the increasing demand from users seeking convenient trading platforms.
The Superapp Vision
OnePay’s ambition to become a superapp mirrors the success of platforms like WeChat in China, where users can handle everything from messaging to payments and shopping in one place. The idea is to create a seamless user experience that integrates diverse functionalities, thereby increasing user engagement and retention.
Walmart’s backing gives OnePay a significant edge in achieving this vision. With Walmart’s vast retail network and resources, OnePay is well-positioned to offer a comprehensive digital financial ecosystem. This strategic move could potentially redefine how American consumers interact with both traditional and digital finance.
Navigating Regulatory Waters
While the prospect of a superapp is enticing, OnePay will need to navigate the complex regulatory landscape surrounding cryptocurrency in the U.S. The Securities and Exchange Commission (SEC) and other regulatory bodies have been cautious about the integration of cryptocurrencies into mainstream financial systems, citing concerns over security, market manipulation, and consumer protection.
OnePay will likely need to engage in dialogue with these regulators to ensure compliance and address any potential roadblocks. This process may involve implementing robust security measures and maintaining transparency in trading operations to protect users and build trust.
Potential Benefits and Challenges
For users, the integration of crypto trading within OnePay offers convenience and accessibility. Those who are already using the app for their banking needs can easily transition into cryptocurrency trading without the need for multiple platforms. This could attract a new demographic of users who are curious about digital currencies but hesitant to navigate specialized exchanges.
However, the initiative is not without its challenges. The volatility of the cryptocurrency market remains a concern, with prices fluctuating wildly at times. OnePay will need to educate its users about the risks involved while providing tools and resources to help them make informed decisions.
Moreover, the competition in the crypto space is fierce. Established players like Coinbase and Binance have a significant head start, and OnePay will need to differentiate itself by offering unique features or superior customer service to lure users away from these platforms.
Looking Ahead
The introduction of Bitcoin and Ether trading is just one step in OnePay’s journey towards becoming a superapp. As the app continues to expand its offerings, it may explore additional features like peer-to-peer payments, investment opportunities beyond cryptocurrencies, and even integration with Walmart’s retail services for a holistic user experience.
This move also reflects a broader trend in the financial industry, where traditional and digital finance are increasingly converging. With major corporations like Walmart entering the crypto space, the line between conventional banking and digital assets continues to blur.
In conclusion, OnePay’s foray into cryptocurrency trading is a bold move that could reshape the financial landscape in the U.S. By leveraging its existing infrastructure and Walmart’s support, OnePay has the potential to become a formidable player in the world of digital finance. However, success will depend on its ability to navigate regulatory challenges, educate its users, and offer a compelling, integrated service that stands out in a crowded market. As the year progresses, all eyes will be on OnePay to see how it executes this ambitious strategy.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
